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' Conejo Recreation & Park District <br />GENERAL MANAGER <br />Jim Friedl <br />DATE: December 2, 2021 <br />BOARD OF DIRECTORS <br />Doug Nickles, Chair <br />Nellie Cusworth, Vice Chair <br />George M. Lange <br />Susan L. Holt, Director <br />Chuck Huffer, Director <br />TO: Board of Directors GENERAL MANAGER EMERITUS <br />Tex Ward <br />FROM: Jim Friedl, General Manage <br />SUBJECT: Annual Review and Adop ion of financial Reserves Policy <br />RECOMMENDATION <br />Adopt the District's amended Financial Reserves Policy. <br />BACKGROUND <br />In order to fulfill its mission, the Conejo Recreation and Park District must be financially stable. A well- <br />worn path to financial stability is savings. Financial reserves are basically the District savings, which help <br />to provide adequate funding to meet the District's short-term and long-term goals. In addition, reserve <br />funds can serve as a buffer against both present and future uncertainties. <br />On January 9, 2014, the Board of Directors created and adopted the attached Financial Reserves Policy. <br />This Policy was last reviewed by the Board in January 2021. The Balance Sheet as of June 30, 2021 <br />(Attachment 1) is part of the Audited Financial Statements and lists the balances of the funds within the <br />General Fund which are committed or assigned for particular purposes. These collectively may be referred <br />to as "reserves." <br />The following table is an excerpt from relevant portions of the FY 20/21 Balance Sheet. <br />Committed for: <br />Pension $ 573187919 <br />Claims $ 21501,865 <br />Operating reserve $ 614007000 <br />Equipment replacement $ 419927750 <br />Assigned for: <br />Vested leave $ 11608,958 <br />Capital Facilities $ 517,913 <br />Unassigned: $ 712787153* <br />*Note: On February 8, 2021, the District approved an interfund loan for the development of the Conejo <br />Creek Southwest Park from the unassigned fund balance. Additionally, the budgets for Fiscal Years <br />2021-22 and 2022-23 also require the use of unassigned fund balance. As a result, the unassigned fund <br />balance after those adjustments is approximately $3.17 million. <br />ADMINISTRATIVE OFFICES <br />403 West Hillcrest Drive, Thousand Oaks, CA 91360-4223 <br />805-495-6471 1 Fax: 805-497-3199 1 parks@crpd.org I www.crpd.rg <br />